SHANGHAI, Jul 4 (SMM) – SHFE tin declined for four consecutive days, opening at 189,500 yuan/mt today, a new low since April 29, 2021.
The average spot price of SMM1# tin continued to decrease last Friday, down 3.69% on a daily basis to 202,250 yuan/mt. Smelters continued to lower their offers. Downstream willingness to purchase improved slightly after tin prices fell.
According to SMM survey, the operating rates of tin smelters in Yunnan and Jiangxi provinces remained low last week. The import profit window showed signs of opening, but the number of quotations for imported tin in the spot market remained limited. On the demand side, the overall operating rates of solder enterprises stopped falling and stabilised in June. Under the influence of the approaching delivery of futures contract, tin inventory rose. Despite maintenance by tin smelters, tin inventory continue to climb, which will continue to pressure tin prices.